Flagstaff AZ Real Estate Market Data Provided by The Kelly Broaddus Real Estate Advisors Team / by Joselyn Uy
Flagstaff Home Sales & Prices Hit New Highs
Wow! Half the year is over and we are still experiencing one exciting/busy real estate month after another. The Kelly Broaddus team had a very productive 1st half selling over $10M of Flagstaff and nearby area real estate. 30 properties in 6 months!
US home sales dropped for the third straight month due to the severe housing shortage in several areas. Meanwhile, in Flagstaff, both housing prices and sales in the greater Flagstaff region hit new highs for the first half of 2018.
FLAGSTAFF HOME SALES
Single-family home sales in the Flagstaff region rose for the fourth straight month this year to record the highest June sales in a decade. Sales volume in June 2018 was very strong with sales rising 13% versus last year.
FIRST HALF STATS Let us take look at home sales & prices for the first six months of the past 5 years. First Half home sales in the greater Flagstaff area has once again accelerated after last year's so-so performance. There were a total of 561 houses sold in the first half of the year which is up 17% from 2017. This is a new record high.
FLAGSTAFF HOME PRICE
Housing prices in the greater Flagstaff region continue to rise. The median sale price of a single-family home rose 7% to $387K in June 2018.
For the first six months prices jumped 5% compared to the first half of 2017. The first half median sale price came in at $385K which is the highest in 10 years.
June 2018 Flagstaff Market Watch Summary
Total Home Sales- 145 homes, up 13% vs June 2017.
Median Home Price- $387,000 up 7% up vs June 2017
Mortgage rates up - A 30 year fixed rate mortgage with 5% down and very good credit rose to an average of 4.52%
Median days on market: 61 days
Longest days on market: 570 days
CDOM The acronym CDOM (Cumulative Days on Market) is used by the Flagstaff MLS to describe how many days a property has been available for sale. A property has to be off the MLS for at least 90 days for the CDOM to restart, even if it is listed by a different agent. We report the average days on market for properties sold based on CDOM.
The number of days a home sits on the market can tell us a lot about pricing. A high CDOM is commonly a strong indicator that the home is overpriced.
JUNE 2018 HIGHLIGHTS
Flagstaff Priciest Luxury Homes (SOLD)
- $1,800,000 - The most expensive home sold that sold in June 2018 is another luxury custom home in Forest Highlands. With over 6,000 sqft of living space, the new owner gets to enjoy this extraordinary work of art and the fantastic views from this log home
- $584,549 Priciest townhome sold last month is a new construction 3 bedroom with 3 decks! Located in the Switzer Mesa/Ridge area
The most AFFORDABLE Flagstaff Homes (SOLD)
- Manufactured home - $100,000 - Located in Kachina, the manufactured home on the lot was moved, no financing.
- Single-family - $178,000 - Single level, off-grid 2 bedroom cabin located in the south rural neighborhood, Elk Park Meadows. It features a bunkhouse for guests, a propane tank, and generator.
- Townhouse - $205,000 - 2 bedroom, single level, "maintained but somewhat dated" townhome located in Lower Greenlaw
- Condo - $124,000 - Our listing, a renovated downstairs studio unit at The Arbors (Woodlands Area)
INVENTORY
“While this spring’s sudden rise in mortgage rates [took] up a good chunk of the conversation, it’s the stubbornly low inventory levels in much of the country that are preventing sales from really taking off like they should… Most markets simply need a lot more new and existing supply to cool price growth and give buyers enough choices.” - Sam Khater, Chief Economist for Freddie Mac
DOWNLOAD THE FULL MARKET REPORT HERE
Flagstaff Home Buyer Advice
If you’re buying, having fewer homes on the market could present a few challenges. Don’t worry! I can help you come up with a strategy to find your next home.
- If you are looking to purchase a Flagstaff home under $400K, inventory is up, but not by much. We have around 3 months of inventory. A balanced market has 6 months supply.
- At $400K-$500K, supply is down to 4.9 months
- Above $500K, we have even more homes available on the market. No shortage here.
Home Buying Tips Our home buyer's blog will help you plan and prepare for your successful home purchase and avoid headaches and surprises that may arise during the process.
Flagstaff Home Seller Advice
If you are thinking about selling, now may be the time. Demand for your house will be strongest while there is still very little competition (Under 500K) which could lead to a quick sale for a great price.
Home Selling Tips Our blog for home sellers has tons of tips to help sell your home faster and add thousands of dollars to your bottom line. Check it out.
SATISFIED CLIENTS SAY IT ALL. Check out our 5 Star Reviews.
GET IN TOUCH
We are your Flagstaff home experts! Please contact us at 888.446.5602 or email kelly.broaddus@exprealty.com with any questions you might have about this report of the Flagstaff real estate market. Contact Us
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